Biden tells oil refiners: Produce more gas, fewer profits
President Joe Biden wants U.S. oil refiners to produce more gasoline and diesel. In a letter to refiners Wednesday, Biden says their profits have tripled during a time of war between Russia and Ukraine as Americans struggle with record high prices. Biden writes the oil companies need to work with his administration on “near-term solutions” addressing the crisis. Gas prices nationwide average roughly $5 a gallon, an economic burden for many Americans and a political threat for Biden’s fellow Democrats before midterm elections. ExxonMobil says it has informed Biden’s administration of its planned investments to increase oil production.